US business trimmed back on equipment spending in February

But the decline in February, most likely represents something of a give-back from strong business spending in January, when new orders on so-called non-defense capital goods excluding aircraft hit their highest levels since March 2010.

The headline reading on the durable goods report was much better than expected, showing a 5.7% gain, driven by sizeable orders for aircraft. “Both total and core orders point to a healthy trend for business,” wrote BNP Paribas analysts, of the report.